When Hurricane Harvey made landfall in Texas on August 25 of this year, and Hurricane Irma reached land in Florida shortly after on September 10, investment advisors, broker-dealers and firms found their businesses affected, just as homeowners and other companies in these areas were impacted by the storms.
The SEC has announced it will be monitoring these areas to ensure filing dates and other deadlines are extended as needed and to check that no scams or undue delays impact investors. The SEC is encouraging investment professionals affected by the storm to contact the SEC if they have concerns.
This is also a good time to review compliance and to check procedures. After Hurricane Sandy in 2012, the SEC conducted sweeps, including business-continuity examinations, on Advisors. It could occur again after Hurricane Harvey and Hurricane Irma.
At Vigilant Compliance, our thoughts are with everyone impacted by these two natural disasters. If you are an investment professional, these storms highlight the importance of establishing strong procedures and policies, so you can remain as operational and compliant as possible, even in the event of significant disruptions.
Whether you would like to establish firm procedures before a disruption affects you or you have been impacted by Hurricane Harvey or Hurricane Irma and need support, contact Vigilant Compliance, a full-service global compliance firm dedicated to investment management professionals.